New IRS resources on IRS.gov help businesses understand tax reform

Last year’s Tax Cuts and Jobs Act made significant changes to the tax law that affect small businesses. The IRS posted two new resources on IRS.gov to help taxpayers understand how these changes affect their bottom line.
Here are some details about these resources:
New publication: Tax reform: What’s new for your business
This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, their owners, and tax professionals to understand. This concise publication includes sections about:
Corporate tax provisions
Qualified business income deduction
Depreciation: Section 168 and 179 modifications
Business-related losses, exclusions and deductions
Business credits
S corporations
Farm provisions
New webpage: Tax Reform for Small Business
This one-stop shop highlights important tax reform topics for small businesses. Users can link to several resources, which are grouped by topic:
New deduction for qualified businesses
Withholding
Deductions, depreciation and expensing
Employer deduction for certain fringe benefits
Like-kind exchanges
Real estate rehabilitation tax credit
Changes in accounting periods and methods of accounting
Corporate methods of accounting
Blended federal income tax
Employer credit for paid family and medical leave
Farmers and ranchers
More information:
Tax Reform Small Business Initiative
Share this tip on social media — #IRSTaxTip: New IRS resources on IRS.gov help businesses understand tax reform. https://go.usa.gov/xE35v

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